USD/CHF Daily Outlook

Daily Pivots: (S1) 1.0375; (P) 1.0442; (R1) 1.0550; More

USD/CHF's rise continues today and reaches high as 1.0507 so far, touching 100% projection of 0.9634 to 1.0249 from 0.9887 at 1.0502. At this point, further rally is still in favor as long as 1.0328 support holds. Firm break of 1.0502 fibo resistance will set the stage for further rebound to 161.8% projection at 1.0902. On the downside, below 1.0328 will indicate that an intraday top is in place and bring retreat.

In the bigger picture, firm break of 1.0352/83 resistance zone (50% retracement of 1.1105 to 0.9634 at 1.0370 and 38.2% retracement of 1.1596 to 0.9634 at 1.0383) indicates that decline from 1.1596 has completed and a medium bottom is probably in place at 0.9634 . Sustained trading above 55 days EMA (now at 1.0325) supports this case too. Further rebound should then be seen to resistance zone of 1.0890 to 1.1596, but strong resistance should be seen there, at least initially. On the downside, break of 0.9995 support is needed to confirm rebound from 0.9634 has completed. Otherwise, another rise is still in favor even in case of pull back.

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